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GROWTH AND VISION
Franchised Accounting Practices

Overview

Since March 2003 (when Success Tax Professionals [STP] commenced franchising in the state of Western Australia) the interest from potential franchisees has been high and exceeded expectations. The founders of Success Tax Professionals continue to employ unique concepts in the development and progression of this highly competitive and financially appealing company.  Accordingly the creativity of the Success Tax Professionals blue print has allowed the company to expand quickly. 

The franchising system of Success Tax Professionals primarily arose out of recognition of an obvious need in the accounting industry for a centralised and structured support network to help accountants successfully manage constant legislative change, and to achieve customer service excellence through their advanced knowledge of policy, valued added services and efficient business practices. 

The system importantly recognised that suitable applicants need not necessarily come from the tax and accounting industry alone, but may in fact hold suitable qualifications, aptitude, and commitment which under the franchise system could be coached and supported to achieve excellence in knowledge and service delivery by the accountant and their practice. This widened the potential market  of appeal.

One of the striking factors about STP is therefore the multi-facetted approach taken to assist, develop, train and coach franchisees on a continuous basis in technical requirements and smart business practises. The franchisor forms a unique working relationship with every franchisee. 

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Growth and Expansion

STP currently has collectively over 40 skilled and trained franchisees in Western Australia and Victoria.  Interstate expansion into Victoria commenced in June 2010.  Expansion into Queensland is planned for mid 2012, with NSW and SA tentatively scheduled for 2013. Care is taken to ensure all systems and support functions provided by the franchisor are able to be replicated to optimal levels.

The STP company has grown quickly, due to the healthy advantages of franchising and the company's strong focus on creating a virtual team of professional accounting practices. The company franchisor places strong emphasis on:

  • Careful assessment at recruitment stage to ensure franchisee and franchisor share a compatible vision for the future.
  • Ongoing structured training and readily accessible support for franchisees.
  • Commitment to customer service excellence by ensuring franchisees are skilled at delivering personalised and tailored service that is accurate and timely.
  • Keeping up with industry change and new information to optimise benefits for clients and imparting this knowledge to all franchise members to facilitate optimal client servicing.
  • Quality assurance and performance standards that are applied, and measured against individual accounting practice performance allowing for results to be acted on for continuous improvement and implementation of best practices.
  • Respect for clients and confidentiality in line with professional servicing expectations.
  • Adding value by providing holistic client services that reduce tax liability and cater for planning and future direction and allow franchisees to provide targeted and results-driven services.
  • Rapid business growth in terms of client numbers and total revenue for franchisees electing to participate in various business development opportunities offered by the Franchisor.  The Franchisor has the capacity to source significant business expansion avenues for franchisees seeking faster growth and viability with low risk.  
  • Increased accessibility to services and choice of location for customers.  Franchisees utilise one or more of the following venues to provide flexible and convenient services and harness the market in different ways: 

    • Commercial office environment (home based accountants must transition to commercial offices within two years of joining and are able to access transitional business advice and support to achieve this).
    • High profile locations in Shopping Centres (targeting exposure to high customer traffic).
    • Mobile services, i.e. services at client's home or business premises (frequently offered within the first two years of joining as an extension to home based office services).
    • Processing by correspondence and use of IT systems and remote software.
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The Success Tax Professionals Franchising System

Franchising works because it is generally beneficial to both parties (franchisor and franchisee). Franchising benefits are widely recognised and demonstrated in companies like Harvey Norman, Harvey World Travel, McDonald's, Mortgage Choice, Boost Juice and Domino's.  

STP is different from most traditional franchises in that the area of business being franchised relates to professional services in a highly technical and legislated area (i.e. accounting and taxation), as opposed to less complex industries. This therefore means that the STP Franchisor is highly active in the franchisee's activities following their recruitment into the network.

Success Tax Professionals franchises are not seasonal tax preparation services focussed on the salary and wage tax return market. Success Tax Professionals franchises are public accounting and taxation practices delivering the full range of services to businesses and individuals.  We establish a business plan with each franchisee to work towards achieving this status.

STP applies the general principles of franchising with the following benefits:

  • Fast expansion for reasons including low purchase cost of the franchise, centralised management, plus detailed training, systems and methods for efficient replication of important systems and controls. 
  • Relatively low risk as vast amounts of capital are not committed.
  • From a Franchisor perspective, franchisees finance their own establishment therefore franchisor funds are unaffected by set up costs and the recruitment of new franchisees for expansion and growth is not limited by funding constraints.  Hence faster brand recognition and corresponding benefits to members. The Franchisor has the capacity to therefore co-invest with certain franchisees to further both a franchisee's business outcomes and also the brand. 
  • Facilitates the development of a powerful brand image.
  • Achievement of economies of scale.
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Vision

The tax market in Australia is approximately $14 Billion.

The Success Tax Professionals Franchisor's goal is for 500 franchises Australia-wide by the year 2020, all using the company's proven systems and methods.

The Franchisor commenced expansion into Victoria in June 2010, after refining procedures and systems in Western Australia over a seven year period. The Franchisor is currently undertaking expansion on a state by state basis.  Early trials in Queensland are expected to commence in 2012.

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